Australia's parliament has approved legislation offering tax incentives for the processing and refining of critical minerals and renewable hydrogen. The move aims to support the nation's energy transition goals, reduce reliance on China, and create jobs. The law provides tax breaks worth 10% of processing and refining costs for 31 critical minerals and A$2 per kg of renewable hydrogen produced. The opposition criticized the legislation, arguing that it imposes unnecessary regulations.
Australia’s parliament has passed laws that would give production tax breaks for critical minerals and renewable hydrogen , in a boost for energy transition plans as it aims to hit net zero emissions by 2050, and reduce dependence on China.
For renewable hydrogen, a tax incentive worth A$2 per kg of renewable hydrogen produced will be offered. Major economies are seeking to invest billions to support critical minerals projects and compete with China, the world’s largest producer of rare earths. The opposition Liberal-National coalition voted against the legislation after its amendments that would require companies to undertake fewer environmental or Indigenous consultations were blocked by Labor and the Greens party.
CRITICAL MINERALS RENEWABLE HYDROGEN ENERGY TRANSITION AUSTRALIA CHINA
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